Banks paid N33.8tn in seven months – NBS


A total of 463.1 million financial transactions worth N33.87trn were settled by the banking sector between January and July this year, figures released by the National Bureau of Statistics have revealed.

The NBS stated this in a report on the electronic payment channels in the banking sector for the first seven months of this year, which was released on Sunday August 21, 2016.

In the report, the NBS stated that the Nigeria Interbank Settlement Instant Payment System, with a total amount of N19.33tn, accounted for the highest settlement made by banks.

This was followed by the Nigeria Electronic Fund Transfer with N7.67tn, while payment through cheques and Automated Teller Machines followed with N3.3tn and N2.59tn, respectively.

Others are payments through Point of Sales Terminal, N367m; Internet/web payments, N67m; mobile payments, N381m; and electronic bills payments, N171m.

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